BB&T Corp boosted its position in shares of Seagate Technology PLC (NASDAQ:STX) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,449 shares of the data storage provider’s stock after buying an additional 1,717 shares during the period. BB&T Corp’s holdings in Seagate Technology PLC were worth $1,258,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ledyard National Bank increased its position in shares of Seagate Technology PLC by 1,318.3% in the first quarter. Ledyard National Bank now owns 4,255 shares of the data storage provider’s stock worth $195,000 after buying an additional 3,955 shares in the last quarter. Sii Investments Inc. WI increased its position in shares of Seagate Technology PLC by 4.3% in the first quarter. Sii Investments Inc. WI now owns 6,465 shares of the data storage provider’s stock worth $295,000 after buying an additional 269 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Seagate Technology PLC by 29.2% in the first quarter. Global X Management Co. LLC now owns 3,490 shares of the data storage provider’s stock worth $160,000 after buying an additional 789 shares in the last quarter. Suntrust Banks Inc. increased its position in shares of Seagate Technology PLC by 124.8% in the first quarter. Suntrust Banks Inc. now owns 55,237 shares of the data storage provider’s stock worth $2,535,000 after buying an additional 30,668 shares in the last quarter. Finally, Xact Kapitalforvaltning AB increased its position in shares of Seagate Technology PLC by 5.4% in the second quarter. Xact Kapitalforvaltning AB now owns 71,971 shares of the data storage provider’s stock worth $2,789,000 after buying an additional 3,703 shares in the last quarter. 87.99% of the stock is currently owned by institutional investors and hedge funds.
Seagate Technology PLC (NASDAQ:STX) last released its quarterly earnings results on Tuesday, July 25th. The data storage provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.34. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.56 billion. Seagate Technology PLC had a net margin of 7.17% and a return on equity of 81.87%. The firm’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Wednesday, September 20th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 7.54%. The ex-dividend date of this dividend is Tuesday, September 19th. Seagate Technology PLC’s payout ratio is 97.67%.
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A number of equities analysts have issued reports on STX shares. Benchmark Co. cut Seagate Technology PLC from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Cowen and Company reaffirmed a “market perform” rating and issued a $45.00 price target (down previously from $46.00) on shares of Seagate Technology PLC in a report on Wednesday, April 26th. Zacks Investment Research cut Seagate Technology PLC from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 27th. BidaskClub cut Seagate Technology PLC from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $45.00 price target (down previously from $46.00) on shares of Seagate Technology PLC in a report on Saturday, April 29th. Four investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $42.12.
In related news, CFO David H. Morton, Jr. sold 3,040 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $43.26, for a total transaction of $131,510.40. Following the transaction, the chief financial officer now directly owns 9,063 shares of the company’s stock, valued at $392,065.38. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Philip G. Brace purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were acquired at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the completion of the transaction, the insider now owns 62,855 shares of the company’s stock, valued at approximately $2,095,585.70. The disclosure for this purchase can be found here. Insiders have sold 16,456 shares of company stock valued at $715,313 in the last 90 days. 1.50% of the stock is currently owned by corporate insiders.
Seagate Technology PLC Company Profile
Seagate Technology public limited company is a provider of electronic data storage technology and solutions. The Company’s principal products are hard disk drives (HDDs). In addition to HDDs, it produces a range of electronic data storage products, including solid state hybrid drives, solid state drives, peripheral component interconnect express (PCIe) cards and serial advanced technology architecture (SATA) controllers.
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